Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,950,000 Apartment Loan, for the refinance of a 24-unit garden low-rise, market rate apartment complex known as the Carriage House Apartments located in West Springfield, Massachusetts. The apartment property contains 18,600 rentable square feet (average unit size is 775 square feet) on a 0.81-acre site with parking for 24 cars. Average monthly rental is $1,230 per unit and occupancy is 100%. The property’s common amenities include common area laundry, on-site surface parking, and landscaped grounds. The property was constructed in 1964 and is in average condition. “Select Commercial has extensive experience financing apartment properties, and we are very pleased to offer our customer a very low fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year fixed rate loan term and a 30 year amortization. The rate was 3.55% and the loan was non-recourse. “The borrower liked the fact that we were able to offer a low fixed rate for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we are working on several other loans for the other properties in his portfolio”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.